New Delhi, April 17 -- Private sector lender ICICI Bank has cut the interest rate on savings account deposits by 25 basis points (bps). This follows a recent rate cut by other private banks, including HDFC Bank and Axis Bank. The bank now offers 2.75 per cent interest for savings accounts with balances up to Rs.50 lakh, 0.25 per cent lower than earlier. It will now offer 3.25 per cent interest on savings accounts with over Rs.50 lakh balance, down from 3.5 per cent earlier.

HDFC Bank also offers the same rates: 2.75 per cent for account balances below Rs.50 lakh and 3.25 percent for account balances above Rs.50 lakh. Kotak Mahindra Bank offers 3 per cent for balance under Rs.50 lakh and 3.5 per cent for balance above Rs.50 lakh.

The mov...